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If you operate your own business, particularly you run a business from your home, you probably already know that you have a large amount of deductions at your disposal. Are you familiar with all of them? If not, lets take a look at some key deductions you dont want to miss.

If you purchase business supplies, please note that these items can be deducted. They include: office supplies, pens, business cards, & the like.

Your home office is deductible, particularly if you have a room dedicate exclusively to an office such as a spare bedroom. Consult a tax accountant if you’re not certain about your eligibility, but if you have such an office then you also have a nice deduction to take advantage of.

Online advertising, print advertising, & radio or television spots are tax deductible too. If you use Google Ad Words to market your business, the cost of running this program is deductible.

Phone service, long distance in particular. If you use your personal phone for business calls you can deduct the long distance calls that are related to your business. Your internet access is also deductible whether you use cable or phone service.

Business computer. That business computer you purchased can be depreciated over three years time. Other depreciable equipment can be deducted as well.

Association fees, magazines. Any association that you belong to or magazines you subscribe to related to your business can be deducted.

Banking fees. Monthly bank fees & service charges are deductible.

Mailing costs. Postage & related mailing expenses are tax deductible. If you have a post office box, make certain that you deduct that fee too!

Prizes & other give-a-ways. Part of doing business is giving away prizes & other freebies to clients. Keep track of all of your donations as they can be deducted too. If you sponsor a community event, a little league team, or some other local project you may be easily able to take a deduction there as well.

Chances are there may be additional deductions that you havent thought of. If you use your car for business, then keep track of mileage, maintenance & repairs, tolls, & gas as the business related part of these expenses could be deductible too.

Yes, working for your self has many benefits related to it… Keep track of all of the above mentioned deductions & you can trim or eliminate your taxes accordingly.

Jeff Lakie is a freelance finance writer, His website The Tax Guide is a great place to find out more about who can assist me when i owe back property tax. Visit his site today & find out more.

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